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Pakistan’s central bank reserves increase $67mn, now stand at $7.7bn

  • Total liquid foreign reserves held by country stand at $12.9 billion
Published October 19, 2023

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $67 million on a weekly basis, clocking in at $7.7 billion as of October 13, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $12.9 billion. Net foreign reserves held by the commercial banks stood at $5.2 billion.

The central bank did not specify a reason for the increase in reserves.

“During the week ended on October 13, 2023, SBP’s reserves increased by $67 million to $7,714.0 million,” it said.

Last week, Pakistan’s central bank reserves had increased by $31 million.

In July this year, reserves held by the central bank got a boost as Pakistan received the first tranche of about $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. It also got inflows from Saudi Arabia and the UAE.

However, the central bank reserves have been under pressure due to debt repayments, rise in import payments after ease in restrictions, and lack of fresh inflows.

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